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Edible Oil Makers Slash Prices By Up To 15%, Expect To Boost Demand


The higher prices affected consumption.

“Currently, edible oil demand has been affected by higher prices, aggravated by the summer season, which generally sees contraction of demand,” Nirmal Bang said quoting Atul Chaturvedi, president at Solvent Extractors’ Association of India and advisor to Adani Wilmar, as saying during an interaction. Of the total edible oil consumption of 22 million tonnes, mustard oil accounts for 4.5 million tonnes, palm oil 7.5-8 million tonnes, soybean oil 5.5-5.75 million tonnes and sunflower oil accounts for 2 million tonnes.

“In 2019, 18 kg per capita consumption was recorded, which is now expected to fall to 16.5 kg. But once the monsoon season takes hold and the festival season arrives, demand should pick up pace.”

As for palm oil, Chaturvedi said, the exports have not smoothened in spite of Indonesia lifting ban on export of the commodity.

Falling prices and a marketing drive that often plays on health concerns over unbranded sales is likely to spur demand.

“We have seen consumers downtrading but it was mostly in the hope of prices regulating downwards. There’s also a move toward value pack offerings where consumers are looking to manage consumption and spends by buying multiuse packs at lower cost rather than single-use packs only,” Akshay D’Souza, chief insights and growth officer of retail intelligence platform, Bizom, told BQ Prime.

“But over the last decade, we’ve seen consumer preference for cooking oils move towards branded items for the convenience and quality offered. During multiple waves of Covid-19, we did see the preference for branded products rise, especially value-added products like blended spices or healthy oils,” he sai. “With prices now being corrected downwards, the move from unbranded to branded will continue over time.”





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Musk Signals ‘Maybe More Down the Road’ for Dogecoin After Merch


Responding to a tweet by Dogecoin’s co-creator Billy Markus, who said that he desires that people actually “use it for something,” Musk wrote “Tesla and SpaceX merch, maybe more down the road.” In January, the cryptocurrency with a Shiba Inu meme founded in 2013, surged after Musk said that it could be used to buy Tesla merchandise. 





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Tesla, Elon Musk Welcome To India But As Per Govt Policies: Union Minister


Tesla Inc. and its CEO Elon Musk are welcome in India, but the government will not in any way compromise on its policy of Aatmanirbhar Bharat, Union Heavy Industries Minister Mahendra Nath Pandey said Saturday.

The American electric carmaker, which has been seeking reduction in import duty to sell its vehicles in India, will not manufacture its products locally unless it is allowed to first sell and service its cars in the country, Musk had said last month. “Tesla will not put a manufacturing plant in any location where we are not allowed first to sell and service cars,” the world’s richest person had said in a tweet.

Addressing The Global Summit by TV9 on Saturday, Pandey said, “The government, under the leadership of Prime Minister Narendra Modi, has moved ahead swiftly on the Aatmanirbhar Bharat policy and received a very good response on it and we are not going to compromise on that in any way.” “Tesla, Elon Musk are welcome to India but only according to the country’s policies.”

Musk had in August last year said Tesla may set up a manufacturing unit in India if it first succeeds with imported vehicles in the country.

India, at present, imposes 100% import duty on fully imported cars with CIF (Cost, Insurance and Freight) value more than $40,000 and 60% on those costing less than the amount.





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Adani Wilmar Cuts Edible Oil Prices By Rs 10 After Import Duty Is Reduced


Adani Wilmar Ltd. has reduced prices of its edible oils by Rs 10 after the government cut import duty on the commodity.

A one-litre pack of Fortune refined Sunflower oil will now cost Rs 210 from Rs 220 earlier, according to a statement released Saturday. The maximum retail price of one-litre packs of Fortune Soyabean and Fortune Kachi Ghani (mustard oil) has been reduced to Rs 195 from Rs 205. The stocks with new prices will reach the market soon.

The reduction in edible oil prices comes after the central government reduced import duty, the company said in the statement.

“We are passing on the benefit of the reduced cost to our customers, who can now expect purest edible oils made with highest safety and quality standards, which are also light on their pockets,” Angshu Mallick, managing director and chief executive officer of Adani Wilmar, said in the statement. “We are confident the lower prices will also boost demand.”

International and domestic prices of edible oils rose during 2021-22 due to lower production of oilseeds and higher manufacturing and logistics costs.

Besides a range of edible oils, Adani Wilmar’s offerings include rice, atta, sugar, besan, ready-to-cook khichdi, soya chunks and others.

Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.





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What Would You Pay for Lunch With Warren Buffett? Bidding Stands at Record $12 Million


Whoever wins the bidding war will easily shatter the record set in 2019 by cryptocurrency entrepreneur Justin Sun, who paid $4.57 million for the meal with the Berkshire Hathaway Inc. chairman and chief executive officer. This year, there appears to be a back and forth between two of the five anonymous prospective diners, with a total of 34 bids so far.





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Army, Navy, Air Force To Kick-Start Initial Recruitment Process By Next Week


As protests against the Agnipath military recruitment scheme intensified, the Army, Navy and the Air Force on Friday announced that they will start the enrolment process under the new model by next week while Defence Minister Rajnath Singh appealed to the youths wanting to join the armed forces to start preparing for the induction.





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SpaceX Fires Employees Over Letter Critical of CEO Musk


Musk, also CEO of electric-vehicle maker Tesla Inc., regularly generates controversy, whether over his stances on overtly political topics, crass tweets or references to drug culture. Last month, Insider reported that SpaceX had paid an employee $250,000 to settle a claim she was sexually harassed by Musk in 2016. He has pushed back against the allegations, calling them “utterly untrue.”





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Ukraine Wins Initial EU Recommendation for Membership Path


“We have one clear message and that is, yes, Ukraine deserves European perspective. Yes, Ukraine should be welcomed as a candidate country,” von der Leyen said at a news conference. “Important work also remains to be done. The entire process is merits-based. It goes by the book.”





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Rupee Settles Flat At 78.09 Against U.S. Dollar


The rupee pared initial gains to settle just 1 paisa higher at 78.09 (provisional) against the U.S. dollar on Friday amid a muted trend in domestic equities and unabated foreign capital outflows.

A strong dollar overseas and higher crude prices also kept the domestic unit under pressure, forex dealers said.

At the interbank forex market, the rupee opened strong at 78.03 against the greenback and witnessed an intra-day high of 78.02 and a low of 78.09.

It finally ended at 78.09, registering a gain of 1 paisa over its previous close of 78.10.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, climbed 0.71% to 104.37.

Brent crude futures, the global oil benchmark, spurted 0.96% to $120.96 per barrel.

On the domestic equity market front, the BSE Sensex ended 135.37 points or 0.26% lower at 51,360.42, while the broader NSE Nifty fell 67.10 points or 0.44% to 15,293.50.

Foreign institutional investors were net sellers in the capital market on Thursday as they offloaded shares worth Rs 3,257.65 crore, as per exchange data.





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